VLC (initially VideoLAN Client) is a highly portable multimedia player for various audio and video formats (MPEG-1, MPEG-2, MPEG-4, DivX, mp3, ogg, avi) as well as DVDs, VCDs, and various streaming protocols. It can also be used as a server to stream in unicast or multicast in IPv4 or IPv6 on a high-bandwidth network.

VLC Player Features

It supports a large number of multimedia formats, without the need for additional codecs

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Users can now get frame-by-frame advancement, granular speed controls allowing for on-the-fly slower or faster playback, and live recording of streaming video. The toolbars are fully customizable, so you can have only the buttons you need in the interface, there's AirTunes streaming, and there's better integration in Gtk environments.